Thu Oct 13, 2022 – 1:36 pm EDT
(Reclaim The Net) — The Reserve Bank of India (RBI) said it will launch a phased pilot of its proposed central bank digital currency (CBDC) called the e-rupee.
In the “concept note” explaining the e-rupee, the RBI said it was trialing a digital currency to keep pace with other countries that have launched such programs, like China.
READ: Biden admin inches closer to currency system that could give gov’t control of personal finances
“Currently, we are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money and its functions,” the paper states. “CBDCs are being seen as a promising invention and as the next step in the evolutionary progression of sovereign currency.”
Proponents of CBDCs claim they could make transactions faster and more secure. The e-rupee will be the alternative paper money and serve as an alternative to cryptocurrencies, according to the RBI, which views cryptocurrencies as a risk to the financial stability of India.
READ: Mastercard CEO tells World Economic Forum digital currencies may replace global banking system
“CBDCs will provide the public with [the]
The remainder of this article is available in its entirety at LifeSite News
The views expressed in this news alert by the author do not directly represent that of The Official Street Preachers or its editors